Cardano Treasury Balance Crosses Over 1 Billion ADA ($497M)

Cardano Community All Geared For Upcoming Vasil Hard Fork
  • There are now 1,075 active projects on the Cardano blockchain. 
  • Cardano creator Charles Hoskinson said that the Vasil hard fork is imminent.

According to Daniel Ribar, of IOG’s Project Catalyst’s Community/Product division, the Cardano Treasury Balance is now above 1 billion ADA. At the current currency rate, this amounts to over $437 million.

The value of Cardano has skyrocketed in recent months as more blockchain-based initiatives are being developed. There are now 1,075 active projects on the Cardano blockchain. Currently, there are 3,117 Plutus scripts and 5.9 million Cardano native tokens, with 60,468 minting policies.

Highly Anticipated Upgrade

The Cardano treasury’s mission is to ensure the network’s perpetual growth and viability by providing the necessary operating capital. After deciding how the money will be used, the Treasury will rotate them so that there is always enough in hand.

The impending Vasil hard fork for the blockchain looks to be getting closer as the Cardano Treasury balance exceeds the 1 billion level. The percentage of nodes contributing to blocks has reached 77%, as recorded by Pooltool. 75% of mainnet block creation must occur at the last remaining candidate Vasil node before the upgrade is triggered (1.35.3)

Cardano’s price has been rising steadily over the last several months, while the hard fork approaches. The amount in the Cardano Treasury might soon surpass $500 million.

On Friday, Cardano creator Charles Hoskinson said that the Vasil hard fork is imminent, stating that it might happen “sometime in September.” A planned Ethereum update, dubbed “The Merge,” has eclipsed this crypto asset’s own upgrading.

According to CMC, the Cardano price today is $0.448469 USD with a 24-hour trading volume of $663,704,651 USD. Cardano is up 0.49% in the last 24 hours.

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